Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Ready Meals in Australia

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Vegan ready meals fills the health and wellness gap within category

The growth of plant-based alternatives has encouraged the proliferation of new product development across many packaged food categories. In ready meals, this has created an occasion for brands to actively engage with health and convenience trends.

Taste and quality to play even bigger roles than convenience

The overall appeal of ready meals ultimately rests on the convenience being offered to consumers. However, as consumers’ appetites change, there is an onus on ready meals companies to look beyond convenience and consider the impact of flavour and quality, particularly as consumers’ palates become increasingly sophisticated.

COMPETITIVE LANDSCAPE

Simplot to exit frozen ready meals

In late 2018, Simplot Australia announced that it would exit frozen ready meals and would no longer renew its licence agreement to manufacture Lean Cuisine, effective from November 2019. This will enable Simplot to focus on its core capabilities in vegetable, seafood, potatoes, pasta and sauces under brands John West, Birds Eye, Edgell, Leggo’s, I&J and Top Cut.

Promotional activity drives growth

Promotional activity was paramount in driving and sustaining engagement in ready meals in 2018, especially as it became one of the biggest points of difference against food delivery services such as UberEats, MenuLog and Deliveroo, which offer quality and convenience at a marginally higher price; a factor that consumers are willing to forgo in the place of quality. Accordingly, this has caused a downward shift in unit price movement which will most likely continue year on year through the forecast period.

Frozen food contributes to growth of ready meals

Adjacent to the growth of ready meals, frozen food also received volume and value traction, especially as Australian consumers’ lifestyles increasingly necessitate the need for convenience and simplicity. Accordingly, products providing portion, quality and nutritional value have been at the forefront of driving this growth.

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